Intelligent Money

Chippy_Minton

Has anyone any experience of Intelligent Money? Mentioned in Martin's Cheapest Way to Buy Funds article. I sent them an email yesterday but haven't had a response. Doesn't bode well.

paul666

Why not try cavendish instead then and see if they get back to you quicker. They are better value than IM anyway. Martin's article is flawed...

Chippy_Minton

Thanks for that Paul. I did contact Cavendish at the same time as IM and they answered my email the next day and a phone call to them was answered swiftly. IM still haven't responded, 2 working days later...

I've also concluded that Cavendish are better value than IM in the long run, with the added advantage of having access to FundsNetwork.

Reaper

paul666 wrote:

Why not try cavendish instead then and see if they get back to you quicker. They are better value than IM anyway. Martin's article is flawed...

I don't see how you arrive at your conclusion. Just looking at renewal commission IM will give it all back in exchange for a £35pa fee covering all of your funds.

Cavendish will give it back less £10pa per fund.

So a rough calculation says anybody with 4 or more funds (worth £2000+ each) is better off with IM.

paul666

Cavendish will give it back less £10pa per fund.

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It's £10 per account so you could have 3 peps and 4 isa with them, get 0.5% back on each of them and pay just a tenner for all of them.
the sum is a tenner. a tenner for the whole. a tenner in the entirety. the full amount payable is a tenner. It's a tenner in totality. I've seen it. It's true, it exists. It's real.

£25 cheaper than IM.

As I said, Martin's article is wrong.

Reaper

Look at Cavendish's own web site.

Charges

Annual service charge £10.00 pa per plan. This fee is taken automatically from the renewal commission received.

They even give an example:

Each plan is treated separately; so if you have four plans, three of which earn £5.00 commission in the year and one that earns £50.00, we will pay you a £40.00 commission rebate.

i.e. they take the remaining £5 + £5 + £5 + £10 in fees.

paul666

web site...

I know. It's unclear. It defies belief. I get the impression that cavendish are happy with the level of business they get and aren't in a hurry to clear the confusion up. But when you ask them outright if you can put all your PEP's and ISAs into a single account or plan then they will say yes, as long as they are all in a single persons name.

Cavendish

Hello, Cavendish here.
Thanks to Paul666 for advising us of this thread.
Our renewal commission service charge is £10.00 per plan and a plan is defined as an account number.
The reason that we ask clients to use Fidelity’s Fundsnetwork is because all of your ISAs and Peps would be under one account number and all of your “unwrapped” funds (OEICs) would be under another. Therefore you can have as many funds as you like in the scheme and it is still only £10.00 per annum (max. - £20.00) with all other commission rebated.
I am not sure what IM’s charges are for new plans, but once you’ve set up an account with Fidelity’s Fundsnetwork you can make next year’s ISA contribution online without paying us a fee.
One thing this shows is that we need to make our website clearer!
If you have any queries on this please contact Cavendish Online (08456 442544).
Regards, and thanks again to Paul666
Cavendish

paul666

The original IM / CO thread is here -
http://forums.moneysavingexpert.com/showthread.html?t=131&page=6&pp=10

Reaper

Ah, I get it (at last). So by using the Funds Network you can combine everything into 1 or 2 plans.

And yes, I'd say the web site does need clarifying!

Apologies to paul666 for doubting you.

paul666

Apologies to paul666 for doubting you.

Don't worry - sometimes I doubt myself.